IRS WINS FAMILY LIMITED PARTNERSHIP CASE!

ALL FAMILY PARTNERSHIPS MIGHT BE AT RISK!  
Family Loses Privacy, Affairs become Public Record.

Learn how to save YOUR FLP and KEEP your PRIVACY. 
Dear Friend,

If you'd like to be safe from missing important details, sleep at night without worry and know that your Family Limited Partnership will work as intended, then this might be the most important letter you'll ever read.

Here's why:

There are dangers and risks you face when you or your team does not follow through on the details involving your Family Limited Partnership.  But you can protect yourself with our help.

Now, I know you're probably skeptical. That's normal and healthy. Let me give you three good reasons we can back up what we claim:
Three reasons you can believe what I say:

Reason one:  I am Charlie Stoll.  I am a CPA and CFP™ and a PFS, and have been for nearly 30 years. Since 1988 I have advised, set up, taken apart and dealt with Family Limited Partnerships.  In 1995, I (with a great attorney) wrote the first book addressed to non-lawyers on the topic of Family Limited Partnerships; and it continues to sell today.

Reason two:  I have been used by clients, as the "bad guy," to remove control from spendthrift children, and by doing so,  have helped change the course of  events, for the better, in countless families.

Reason three:  My team and I have successfully fought the IRS, as well as creditors, would be creditors,  ex-spouses and future ex-spouses of our clients and their descendants.
I hope you see that I have the credentials and experience to be believable when it comes to the topic of Family Limited Partnerships.
Story of the King and His Newborn Son

Let me tell you a story.  This is a story that is relevant to the problems I see today among the law firms, accounting firms and professional offices when it comes to Family Limited Partnerships (FLP’s).  These problems that I see will not harm the attorneys and accountants;  these problems will harm you, the client, the one paying the bill.

Here it is – enjoy—It’s a great one!

There is an old tale about a king, a rich and wise king who commanded vast lands and had incredible resources, and who, on the day of the birth of his only son and heir to the throne, commanded his clerics and his wisest servants to come before him.

He told them:  “As a birthday gift to my son and heir apparent, I command you to work together, apart from the rest of my servants, to distill the wisdom of the universe so that I may teach it to him.”

The team of wise men left the kings presence and secluded themselves in another section of the castle.  Months later, have concluded their work, they called for an audience with his majesty and presented the results of their work. It was three lengthy volumes. The king, showing minimal displeasure at the vast number of pages to sort though, explained to the wise men that he needed a guide to teach to his young son, and that while their work certainly appeared complete, the volume of it would make teaching it to the young prince impossible. The king then commanded the group  to retreat, again, and distill further the wisdom of the universe.

Two months later, the group once again came before the king, this time with only one volume. The king, more displeased now, shouted at the assembled group, “I need to teach this to my son, who is now nearly a year old. This is much too long and too complicated.  Leave me now, and return when you have fulfilled my command!”

After some more time had passed, they again returned and proudly presented him with the wisdom of the universe, distilled down to 5 pages. The king, with the young prince learning to walk in front of them, was calm.  He quietly but strongly said:  “I need the wisdom of the universe reduced to one sentence, if you want to keep your lives, and your positions of respect and authority in my kingdom you will, at last, give me what I have been asking for.
(Know the answer yet?  Hold on, here it comes…)

Hurriedly, the group left the throne room to somehow further reduce the wisdom of the universe to only one sentence.

They fought and argued as to how to do this because the stakes where so  very high.

A month later, they returned to the throne room, each of them relieved, because no matter whether the king liked their answer or not, their work and seclusion would finally be over.

With quaking hands, they presented the king with a piece of paper with one sentence on it. The words said:  “There is no free lunch.”
(Pretty good, don't you think?)

The King was happy. He could teach that lesson to his son in many ways.  He had gotten what the wanted.

Today, while many people think that maintaining and keeping their FLPs up to date is like a free lunch, it's NOT.

Family Limited Partnerships exist to accomplish some pretty important goals.  Goals that 99% of the people in America, do not have and in fact do not even understand. You do, or at least you did when you set yours up.

But to actually accomplish these goals is critical, and it is the reason you paid so much and have gone though so much to get here, having a FLP.  But this accomplishment does not come free of effort.  As the king taught his young prince, “There is no free lunch.” This is especially true for kings and princes. (Personally, I have two teenage young “princes” in my home and I try to teach them this as often as I get.)

I will give you one more small piece of the puzzle. It's a great piece of relevant wisdom from an economist historian Thomas Sowell.
The danger of being very clever is that there is a tendency to continue to attempt to be very clever long past where the point where what one has to lose is much greater than what one has to gain. Wow!
 

What is happening today in the world of FLPs has never happened before.  The IRS is actually winning cases against them.  Until recently this was unheard of. This is because, I think, the industry has gotten sloppy and lazy and had begun to think FLPs are a free lunch.  But you can NOT set them up and forget them.


Further, and to make matters worse for you and better for the IRS:

People are getting too clever. They are pushing the envelope, and they are going to far!


I have taken it upon myself to an industry changing catalyst.

 You see, each of you, as a general partner, is unique and each of your situations is unique but you do share some common attributes:

Here are some of the things I have know after nearly 30 short years of doing this:

1)  You have money. (obviously)
2)  You have competent counsel or you wouldn't be here.
3)  You generally have the desire to direct or control your money or property.
4)  You have people you love, or else you would probably not be using this type of planning.
5)  You want the FLP to work and save the money you want saved.
6)  You want the FLP to make the money you want to make.
7)  You want to keep your costs down.
8)  You want to make sure your children or grandchildren don’t blow the money after you are gone.
9)  You are willing to face tough issues and make decisions.

And  you would probably like the following, too:

10) To retain the same degree of creditor protection that was promised to you when you got your FLP.
11) To be able to train your children and grandchildren about money.
12) And while we are at, you would probably like to be able to have a little fun with your loved ones.

When I look at my clients I can also find the following:

1)  Conservative
2)  Small business owner or professional
3)  Understand in their heart and soul that “there is no free lunch”, never has been, never will be, and they won't trust someone whose motives they don't understand.
Any of that sound familiar?
Isn’t the above what FLPs are all about?

Remember in  the movie Jerry McGuire one of the characters says it’s not “Show Friends” it’s “Show Business!” Well these things are not called   “Boring-stupid-things-that-don’t-work limited partnerships;” they are called FAMILY limited partnerships.  Get it?

I have written and put together just about all I know in the "MyFLP Owner's Kit."  It is not technical in nature, and the vast majority of the stuff is for non- lawyers and non-accountants. To my knowledge, no one has ever done his before.


Here are some of the problems that we see with the lack of maintenance of the FLPs

Things like:

1)  Not having a Business Purpose Statement; ours has 19 business purposes for most FLPs.   How many does yours have? Why do you think that might be important?

2)  Not have an IPS (Investment Policy Statement).  This document spells out how the FLP invests it’s money.  Notice I didn’t say “your money."  Using the wrong word in an IRS interview can be near fatal;  it gives the IRS a foothold.  I once saw the wrong combination of words like that cost a young lady $20,000 in a few seconds.

3)  Using the partnership as a piggy bank

4)  Not respecting the rights of the limited partners.   Hey, these people are usually your children and grandchildren, so what rights do they have?  Plenty, and they have to be respected. What does this cost?  About $5 per year per partner, but you might lose all the advantages of the FLP if you or you attorney don't do it.

5)  The IRS is winning a few cases in tax court where the people didn’t leave enough money outside of a partnership. Nasty! The people got too greedy or too clever and got slammed. Any idea of how much it takes to get a case to tax court?  Want a villa in Tuscany?  It’s about the same cost.

6)  Creditors, other than the IRS  (Never thought of the IRS as a creditor?  They are!  And they are usually the biggest creditor these things usually face).  Creditors have not as yet  been as smart as the IRS because they generally don’t have the resources or patience that the IRS does. But stay tuned, if the world stays sloppy some creditor somewhere will use those arguments to prevail!

7)  Generally, the biggest risk, the most expensive risk, the final threat to the wealth inside the FLP is not even the IRS or the other creditors you attract (or the liability your teenage sons, like mine, attract while driving your car!); it is what happens later.  How have you dictated the winding down of your partnership?

None of the above is hard to fix, and none of it is hard to do, all it takes are the simple instructions I am offering you Now.

Here's what you get with the MyFLP Owner's Kit
 
1)MyFLP Owner's Manual-  This isn’t he essential manual, 100+ pages on the essential start-up, and maintenance steps you need to take to be confident that your FLP will pass muster from the IRS and creditors (including future ex- spouses of your children.)
This comes with a CD with the documents on it for you to edit and use if you want to.

2) MyFLP Spreadsheet-  a excel spreadsheet that does the math for your partnership- from start up until the present day.

3) MyFLP Spreadsheet Instructions - An instruction manual for the spreadsheet.  This is for you or your accountant to use to shortcut the math aspects of the FLP and save your accountant time. Yes- it's OK to share this stuff with your attorneys and accountants.  We want you too!    After all, they work for you!

4) MyFLP Minutes Manual-  This notebook has the forms ready for you to pull and use to conduct meetings for years to come. This is so you can't forget anything and don't miss a beat.

5) MyFLP Example Documents Manual-  They say a picture is worth a thousand words; well, we provide a couple of years worth of filled-in documents with all kinds of fun stuff happening so that you can SEE how this works when it's done at a high level.

Invest in this set of knowledge products today and get the following free bonuses:
1) A copy of my best selling book Introduction to the Family Limited Partnerships

2) A copy of my article "When Money Changes Hands," suitable to share with your children (once they get to a certain age) as it talks about the enemies of wealth transfer, including the biggest one (hint- it's not the estate tax!)

3) Copies (with personal and identifying information deleted of course) of actual IRS audit and levy notices. (Ok, this sounds boring, but it will excite your accountant!)  This might be what you or your estate will get in the mail one day.   I mention above that my team and I have a vast amount of knowledge in this area- don't think of it all as book learning- a lot of it is under fire- making arguments to save people's butts, many of whom didn't do it right the first time. How valuable is that knowledge?

Who would you rather have on your team?  A battle-tested and experienced group of warriors or a newly minted lawyer fresh from school?

4) A copy of my book on investing- (Great! Another book on investing you say, sarcastically.) Yes, that what it's about, but this book is different is it's not about how to trade penny stocks.  It's about how to train yourself to withstand the volatility that kills so many investors in the marketplace. I published it in 1999 and it saved the day for a number of people- and great news- it's very short and has color graphs- can't beat that, can you?

5) A weekly newsletter (via e-mail) on the topics covered by all these materials- the transfer of wealth, entity news and events and cases, personalities, philosophy and experience. It will be full of my humor and experience, so watch out. 

 

This has sold for more then $5,587.00, and I normally sell it for $3,000.00, but if you order Today, I will discount it even more. It will cost you only $2,499.00, a savings of more then $3,000.00.
Now, you're probably wondering how and why we can do all of those things.

Let me explain.

This "MyFLP Owner's Kit", a kit of manuals and an Excel spreadsheet, are the sum total of nearly 20 years of FLP experience, nearly a hundred thousand dollars worth of seminar training, and most importantly, experience. It has over a 100 pages, plus the excel spreadsheet that will blow your mind in its functionality. This is a one- stop purchase, with an opportunity to get answers to all of your set-up and FLP operations and maintenance questions.


While you may already have paid to have a FLP set up , perhaps as much as $100,000, these books will add value, fill in the cracks, and allow you to understand and make better use of the structures you have built, and thereby insure the money that you want to save is saved, that the money you want to make is made and that the people you want to get it will get it when you want them to.

There is no known competition to this offer. No one else offers a product that deals with this subject and no one has the spreadsheet. The books are easy to read and non-technical.  While not as entertaining and captivating to read as a Tom Clancy novel or a Stephen King horror story, perhaps using the information in them will eliminate the risk that your life turns into a horror story when something is left undone.   

Since I know it's 100% to your benefit to act right away, I want to sweeten the pot and give you every possible reason to say YES today!

I have a special offer- a 1/2 hour phone conference with me- for free.  My team thinks I am crazy to do this (my billing rate is $350.00 an hour) but if I can get one person to allow me to teach them what I know, I might save another family from losing an IRS case which might in turn hurt me or one of my clients in the years to come. You see, I have been in classes for many years and travel the globe to learn from the smartest specialists in the world about all this stuff- trouble is, they have trouble communicating it to the people who desperately need it-YOU!

Remember: This is undoubtedly a tax deductible investment that should be paid for by your partnership. That makes it even less costly.

Think of it this way- when you have a question about your FLP and ask your attorney, how much does he charge you?

Order Now and save your flp for just $2,499.00, and I will even pay for the shipping! CLICK HERE TO GET YOU KIT NOW

To your success,


Charles S. Stoll CPA, CFP™, PFS
P.S. At this point I bet you are thinking that FLPs are embattled and its’ time to shut yours off and move on. That is certainly not the case, so perhaps a comparison is necessary.

I wasn’t there, but I can imagine the days when the first automobiles hit the road. It  must have been a lot of fun, to go wherever you wanted, as fast as you could; real freedom!  But before long the cars started bumping into each other, and into horses and houses and other stuff. 

Rules had to be made. Rules like: “you stay on one side- I stay on the other”, “the red sign means STOP”, and so forth.

Well, ladies and gentlemen we have entered those days for the FLP. The manuals I have written are the best out there, like a driver’s handbook.    

What a great and certain future that will provide for the FAMILY limited partnership.

But tell me, if you were alive when cars starting bumping into each other, would you have given up your car because of the new fangled STOP signs and having to stay on your own side of the road?  Doubtful, although you might have said it sure takes a lot of fun out of it. Think of what was to come for all of us with the automobile……then the airplane….

So will you give up on all the terrific benefits of an FLP even though they now require some maintenance and review to stay safe?

No, this was not an easy thing to set up so you must have had some great reasons to do so.   Nothing I have talked about here has changed any of those reasons.  All of those reasons are still there, you just need to put some air in the tires, change the oil and, stay on your own darn side of the road!  And while we are at it, lets join the “auto club” to share information and make the trip a little safer and more fun.

The "MyFLP Owner's Kit" that I have written will show you how, will give you forms to help, and it will give you checklists to go over with your team, if you like, to make sure they are doing their work.

Heck, you probably figured at the beginning that something as important and complicated at this would need maintenance anyway; who wouldn’t? 

It's just that nobody showed you how to change the oil, or put air in the tires before, did they? That is until now. Right?  That’s why I put this together.

P.P.S. I truly don't mean to insult or malign attorneys (I should have been one).  They have a really tough job to interpret all the laws, rules, statutes,  and court cases on all levels of your life and give you advice.  This kit is designed to help you help them by increasing your knowledge about this stuff.  You get to ask more "what if" questions. Ask any attorney:  "What are your scariest clients like?" Most likely the scariest clients are usually those who do whatever the attorneys ask, without engaging them with questions of  "why?"  Thus the client is trusting about what is going on and might not have a full understanding of what happens if there is a bump in the road.  Life promises that there will always be a bump or two in the road, only a fool (or a teenager) would think otherwise.   (I have teenagers in my house, as you can tell.)  Don't be a "scary" client; stay informed.  It's up to you to do so.

And once again, you can order today by simpley Clicking Here Now, and if you do so Today, the MyFLP ownership kit will be discounted to only $2,499.00